No Property Tax for Affordable Housing in Mumbai
Property tax on residential units of up to 500 sq ft, located within the Mumbai municipal area limits, will be waived off, Maharashtra Government said. Chief Minister Uddhav Thackeray announced the decision at a meeting of the Urban Development Department. The waiver comes ahead of Mumbai Municipal Corporation elections due next month. The CM has asked the administration to implement the decision with immediate effect. Urban Development Minister Eknath Shinde said that the decision will benefit owners of over 16 lakh houses below 500 sq feet in Brihanmumbai Municipal Corporation (BMC) limits. Shinde said the Shiv Sena, which rules the BMC, has fulfilled an important assurance it gave ahead of the 2017 BMC elections. The BMC is expected to lose a revenue of Rs 468 crores following the waiver. BMC in 2021-21 had estimAll Postsated property tax collection of Rs 6,738 crore but could mobilise Rs 4,500 crore due to the covid pandemic and lockdown. In 2021-22, the BMC has projected a property tax collection of Rs 7,000 crore.
Tags : News/Views property tax Affordable Housing BMC Urban Development Department Chief Minister Maharashtra government Uddhav Thackeray Mumbai Municipal Corporation